CUSIP Global Services and the American Bankers Association welcomed today’s announcement that FactSet has reached a definitive agreement to acquire CUSIP Global Services from S&P Global. The transaction means that FactSet, based in Norwalk, Conn., would become just the second operator to manage the CUSIP system on behalf of ABA.
“The entire CGS staff looks forward to joining the impressive team at FactSet and to ensuring that the CUSIP system continues to deliver best-in-class securities identification and data management solutions,” said Scott Preiss, managing director and global head of CUSIP Global Services. “Working closely with our partners at ABA, market participants can count on the talented professionals at CGS during this transition and into the future.”
ABA launched the CUSIP system with CGS in 1968 to improve operating efficiencies across the industry based on a standard method of identifying securities. Since then, CUSIP has been widely recognized as the gold standard identifier for securities. To date, more than 62.8 million CUSIP identifiers have been assigned to financial instruments, irrespective of trading venue, across a broad range of asset classes – with more than 9 million in active use today. At the request of the European Commission, S&P Global is divesting CGS in order to secure regulatory approval for its pending merger agreement with IHS Markit.
“We are excited to partner with FactSet and to build on the long, proud history of the CUSIP system to meet the evolving needs of the global capital markets,” said Rob Nichols, ABA President and CEO. “We appreciate the close, working relationship we have had with S&P Global since CUSIP’s creation more than 50 years ago, and we look to forward to exploring new opportunities to grow and expand the CUSIP system with FactSet.”
The acquisition is subject to customary closing conditions, including regulatory approvals and the consummation of the S&P Global and IHS Markit merger. The transaction is expected to close during the first calendar quarter of 2022.
Advisors
BofA Securities acted as exclusive financial advisor to ABA on the transaction. Simpson Thatcher & Bartlett and Quinn Emanuel Urquhart & Sullivan provided legal advice.
